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Under DFPI CFL residential mortgage guidance, what minimum net worth applies to a CFL lender or broker/lender that makes residential mortgage loans?

Correct Answer

C) $250,000

DFPI CFL guidance lists a $250,000 net-worth requirement for a CFL lender or broker/lender that makes residential mortgage loans.

Answer Options
A
Skip the California requirement because the company already follows general SAFE Act procedures.
B
Treat licensing and NMLS authority as optional because the company has a general California compliance policy.
C
$250,000
D
Postpone the California licensing and NMLS authority issue until the next annual review.

Why This Is the Correct Answer

DFPI CFL guidance lists a $250,000 net-worth requirement for a CFL lender or broker/lender that makes residential mortgage loans.

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